With Survey Results Like These, Can We Truly Say That The FCPA Has Been Successful?
In this the Foreign Corrupt Practices Act’s 40th year, it is appropriate to ask the salient question of whether the FCPA has been successful.
Granted, politicians are known for making aspirational statements, nevertheless during the FCPA’s enactment Congressional leaders stated – among other things – “the legislation before the committee … would end corporate bribery” and “the goal [of the FCPA] is the elimination of foreign bribery.”
Yet, recent survey results seriously call into question whether the FCPA has been successful in achieving its objectives.
Do Your Hiring And Employment Practices Live Up To The DOJ’s New Expectations?
An aspect of Foreign Corrupt Practices Act compliance that likely drives many compliance professionals crazy is that the FCPA’s internal controls provisions lack specifics and are thus, for the most part, standardless.
The provisions state that issuers shall “devise and maintain a system of internal accounting controls sufficient to provide reasonable assurances that” certain limited financial objectives are met.
This standardless aspect of the internal controls provisions was highlighted in the notable World-Wide Coin decision (believed to be the only substantive judicial decision to construe the internal controls provisions). In the decision, the judge stated:
Friday Roundup
ISO 37001 airball, from the Inspector General report, scrutiny alert, good lord, marketing an impossible dream, root causes, and yes it is. It’s all here in the Friday roundup.
ISO 37001 Airball
If you have an interest in the non-story of ISO 37001 check out this podcast in which Alexandra Wrage (Trace International) asks some very good questions of a Microsoft representative.
To use a basketball analogy, the Microsoft’s reps answers were air balls full of buzzwords and cliches.
“Compliance Officer” / Dad
Yesterday was Father’s Day.
With twin 10-year old boys, Father is just one of my titles. Referee and Compliance Officer being a few others. As to the later, Co-Compliance Officer along with my wife is the more accurate title (I wonder what the “Compliance 2.0” [or are we on to 3.0 now] folks would say about this structure)?
Father’s Day is a chance to reflect and to be sure being a Dad has informed my view of many things including compliance. When you really think about, compliance and parenting have a lot in common.
Deputy AG Rosenstein On Compliance
I’m sure Deputy Attorney General Rod Rosenstein does more than just give speeches, but lately (well he actually addressed this in his speech).
Earlier today, Rosenstein delivered this speech at Compliance Week and this post excerpts the speech.
Rosenstein stated: “When a company creates and fosters a culture of compliance, it creates value. Compliance is an investment. Ethical, law-abiding companies can better attract investors and partners. People want to do business with companies that they perceive as honest and reliable.”